Maryland office, lab buildings undergo sale

Buyer pays $170 per square foot

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GVA Advantis represented Alexandria Real Estate Equities in the sale of office/laboratory space totaling 160,225 square feet in Gaithersburg, Md. The value of the transaction was $27.3 million, or $170 per square foot. The properties are located at 30 and 50 West Watkins Mill Road. 30 West is a vacant, three-story, newly constructed, class A office building totaling 102,815 square feet. 50 West is a one-story lab/office building comprising 57,410 square feet, which was entirely occupied at the time of sale by drug developer Gene Logic. The identity of the buyer was not disclosed. Atlanta-based GVA Advantis is a full-service real estate firm operating throughout the Southeast and Mid-Atlantic. ...